Envestnet, Inc. Faces FinancialApps's $100 Million Trade Secret Misappropriation Claims in Delaware Jury Trial

Rhea-AI Summary

FinancialApps, a fintech pioneer, is pursuing a $100 million lawsuit against Envestnet (NYSE: ENV) for trade secret misappropriation, tortious interference, and unfair competition. The case is now headed to a jury trial in Delaware Federal Court. This development comes shortly after Envestnet shareholders approved a $4.5 billion acquisition by Bain Capital.

On September 26, 2024, Judge Jennifer L. Hall issued two opinions that dismissed Envestnet's defamation counterclaim against FinancialApps and denied Envestnet's motion for summary judgment on FinancialApps's claims. Kasowitz Benson Torres LLP is serving as lead counsel for FinancialApps, with Marc E. Kasowitz expressing satisfaction with the court's decisions.

Positive

• Envestnet shareholders approved a $4.5 billion acquisition by Bain Capital

Negative

• Envestnet faces a $100 million lawsuit for trade secret misappropriation, tortious interference, and unfair competition
• Envestnet's defamation counterclaim against FinancialApps was dismissed
• Envestnet's motion for summary judgment on FinancialApps's claims was denied

News Market Reaction

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+0.13% News Effect

On the day this news was published, ENV gained 0.13%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Kasowitz Benson Torres Is Acting As Lead Counsel For FinancialApps

NEW YORK, Sept. 27, 2024 /PRNewswire/ -- Financial technology pioneer FinancialApps's $100 million lawsuit for trade secret misappropriation, tortious interference, and unfair competition against wealth management company Envestnet ($ENV) – whose acquisition by Bain Capital in a $4.5 billion deal was approved by shareholders earlier this week – is now headed to a jury trial in Delaware Federal Court.

On September 26, 2024, Judge Jennifer L. Hall of the United States District Court for the District of Delaware issued two opinions adopting, over Envestnet's objections, reports and recommendations by Magistrate Judge Christopher J. Burke dismissing Envestnet's defamation counterclaim against FinancialApps and denying Envestnet's motion for summary judgment on FinancialApps's claims.

Lead trial counsel for FinancialApps, Marc E. Kasowitz of Kasowitz Benson Torres LLP, stated: "We are pleased with the Court's well-reasoned opinions, and look forward to vindicating FinancialApps's rights at trial."

The Kasowitz Benson Torres LLP team representing FinancialApps is led by partners Marc E. Kasowitz, Matthew A. Kraus, A. Macdonald Caputo, Jr., and Joshua E. Hollander.

About Kasowitz Benson Torres LLP
Kasowitz Benson Torres LLP is a leading national law firm with a core focus on commercial litigation, complemented by exceptionally strong bankruptcy/restructuring, employment, and real estate transactional practices. Kasowitz is known for its creative, aggressive litigators and willingness to take on tough cases. The firm has extensive trial experience and is always trial-ready, representing both plaintiffs and defendants in every area of litigation. Kasowitz is committed to pursuing aggressive and innovative approaches to its clients' most challenging legal matters. Headquartered in New York City, the firm also has offices in Atlanta, Denver, Houston, Los Angeles, Miami, Newark, San Francisco, Silicon Valley and Washington, DC.  For more information, please visit www.kasowitz.com.

Contact:
Shannon O'Reilly
SOReilly@kasowitz.com
(212) 547-1290

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SOURCE Kasowitz Benson Torres LLP

FAQ

What is the value of the lawsuit FinancialApps filed against Envestnet (ENV)?

FinancialApps filed a $100 million lawsuit against Envestnet (ENV) for trade secret misappropriation, tortious interference, and unfair competition.

When did Judge Jennifer L. Hall issue opinions in the FinancialApps vs Envestnet (ENV) case?

Judge Jennifer L. Hall issued two opinions on September 26, 2024, dismissing Envestnet's defamation counterclaim and denying their motion for summary judgment.

What was the value of Bain Capital's acquisition of Envestnet (ENV) approved by shareholders?

Envestnet (ENV) shareholders approved a $4.5 billion acquisition deal by Bain Capital.

Where will the jury trial for FinancialApps's lawsuit against Envestnet (ENV) take place?

The jury trial for FinancialApps's lawsuit against Envestnet (ENV) will take place in the Delaware Federal Court.